One in seven multimillionaires or billionaires is worried their wealth could be depriving their children of drive and ambition.

One in seven multimillionaires or billionaires is worried their wealth could be depriving their children of drive and ambition, says a study which affords a rare glimpse into the minds of the ultra-rich.

The richer the individual the greater those fears, the survey suggests, and only health concerns rank higher in the minds of the wealthy elite.

According to the study, by the law firm Withersworldwide, this is an anxiety which, for some families able to live off investments, is tearing them apart.

Many of the super-rich are now putting their faith in new business ventures or charity initiatives to hold their family together.

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Withersworldwide’s report, The Meaning of Wealth in the 21st Century, draws from surveys of more than 4,500 individuals and detailed interviews with members of 16 very wealthy families from Europe, Asia and North America.

Participants were asked to discuss what they saw as the “purpose” of their wealth.

More than 3,000 were asked to identify their greatest fears concerning their wealth and their family.

Responses were divided into those from participants with a total wealth of less than $10 million (£5.9 million) – who were classed as “moderately wealthy” – and those worth $10 million or more.

Both groups – 37 per cent of those in the richer half and 36 per cent of the moderately wealthy – said that health concerns ranked highest.

But for those in the higher category of wealth, the second biggest concern – singled out by 15 per cent – was that their children “will lack the drive and ambition to get ahead”.

This concern ranked above fears of investments failing, an inability to support the family or even marital breakdown.

The richer participants were twice as likely to cite fears over their children’s development than those with less than $10 million, for whom this ranked the fourth biggest concern.

“For many parents, the main concern is that great wealth will scotch the individual ambition in their children,” the report states.

Sarah Cormack, a partner at Withersworldwide with expertise in tax, trusts and estate planning, said: “It is easy to see why the moderately wealthy don’t worry about that as much.

“If they are worth around the $10 million mark realistically they are not well off enough to put their children in the position that they never have to work.”

But for “financial families” living off investments, wealth is the source of great tension, said Ms Cormack.

While some of the ultra-wealthy set up new businesses, others were using charitable causes to give the family a renewed sense common purpose.

A handful had even drawn up family “mission statements” similar to those used in business.